(Photo By Flickr User Rexx W.)

The Gordmans department store chain is declaring bankruptcy and liquidating all assets.

According to week.com & wqad.com, the company filed Monday in Nebraska bankruptcy court for Chapter 11 bankruptcy. The company has also entered into agreements to liquidate all inventory, retail outlets and distribution centers.

Andy Hall, president and chief executive officer of Gordmans, said in a media release Monday,

“Until further notice, all Gordman stores are operating as usual without interruption. The management team and all our associates remain committed to continuing to provide great merchandise and services to our guests during this process.”

According to an article in the Omaha World Herald, the bankruptcy filing may offer faint hope for keeping the stores in business. Gordmans, in its court papers, appeared to hold out some hope for the emergence of a buyer who would operate the stores, saying in court documents that it’s pursuing the liquidation or “other disposition of assets,” according to the Omaha World Herald report. Court papers indicate the company had been shopping its assets around previous to the bankruptcy filing, but had not found a willing buyer.

Gordmans value is estimated at $130 million. The company began with one store in 1915 in Omaha, NE and currently operates 106 stores in 22 states.

Gordmans Stores Inc., a 102-year-old Nebraska-based retailer, has outlets in East Peoria’s Levee District, Normal’s Shoppes at College Hills and Peoria’s Plaza at Grand Prairie.